The IRR Index measures the internal rate of return performance of Asia Pacific closed end non-listed real estate funds since the funds’ inception up to the end of the latest quarter. Performance is measured net of fees and costs and is computed on both a pooled return basis and an equally weighted basis (arithmetic mean).

The IRR Quarterly Index Q4 2025 includes 71 closed-end funds across vintages from pre-2005 to 2022.

For any questions or comments, please contact Daisy Huang or Eileen Chiu.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.27% in February 2026. The ACOE includes 18 funds with a total GAV of AUD 118.81 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang, Karen Yeung, or Christy Lau if you have any questions regarding the Index.

The Q4 2025 ANREV index included data contributions from 72 funds with a total gross asset value of US$141.5 billion.

Key highlights:

• ANREV’s All Funds Index posted a total return of 1.63% in Q4 2025, up 37 bps from the previous quarter.
• Core funds with a total return of 1.87%, outperformed value-added and opportunistic funds which posted 0.29% and 0.16% respectively.
• Australian funds outperformed the wider index and was positive for the fifth consecutive quarter, delivering total returns of 2.37%. While multi-country funds saw a drop in performance by 30 bps, but remained positive at 0.01%.

Further details of the sub-indices, which cover different fund styles and various geographies, can be found in the full report.

We would like to extend our thanks to all of the funds that have contributed data, and look forward to your continued support in the next round of data collection. If you have any questions about the index or wish to take part in this industry-led initiative, please contact Daisy Huang or Eileen Chiu.

The Q4 2025 ANREV ODCE Asset Level Performance Report posted a total return of 1.36%, comprised of 0.33% capital growth and 1.03% income return. Slightly down 9 bps from 1.45% posted in Q3 2025. The report measures the asset level returns of 249 investments owned by 8 ODCE funds valued at US$19.07 billion as of Q4 2025.

Due to its limited coverage this report is not considered as an index. The report's results are generated based on the asset level data provided to ANREV directly from the contributing managers. Data collection starts immediately after a quarter has ended for a period of up to 10 weeks after quarter end.

Please contact Daisy Huang or Eileen Chiu for any queries.

ANREV, INREV and NCREIF present the twelfth edition of the Global ODCE (open end diversified core equity) fund index, consisting of 49 funds with a combined total gross asset value of US$348.6 billion.

Key highlights:

• The Global ODCE fund index delivered a net total return of 0.42% in Q4 2025, down 3 bps from Q3.

• European ODCE funds outperformed the other regions, posting a total return of 1.12%, followed by the US with 0.70%, then Asia Pacific with -0.57%.

• Capital growth remained negative for the second consecutive quarter, with -0.34%, up by 4 bps from the previous quarter. While the accrual-based income return decreased by 8 bps, delivering 0.75%.

 Please contact Daisy Huang or Eileen Chiu should you have any questions regarding the index.

The ANREV Australia Farmland Index provides financial performance of 62 different properties of market value over AUD 2.13 billion in farmland.

ANREV Australia Farmland Index returned 1.19% on a 12-month rolling basis in Q4 2025.

On an annualized rolling return basis, the income return was at 2.19% in Q4 2025.

Capital growth was at -0.97% in Q4 2025 on a 12-month rolling basis.

We would like to thank all the managers for their data contribution.

If you have any questions about the Index, please contact Daisy Huang, Christy Lau, or Karen Yeung.

The ANREV ODCE (Open End Diversified Core Equity) Fund Index turned negative in Q4 2025, posting net total returns of -0.57%, down from 0.00% posted in Q3 2025.

Key highlights:

• Capital growth slid to -1.24%, down from -0.68% posted in Q2 2025. While the distributed income return was down by 1 bp from the previous quarter, posting 0.67%.
• After taking out the currency impact of -1.38%, the index delivered a local currency equivalent net total return of 0.80%.
• The index features 8 funds with a total GAV of US$20.9 billion, covering 439 assets as of Q4 2025.

If you have any queries on the index, please contact Daisy Huang or Eileen Chiu.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.37% in January 2026. The ACOE includes 18 funds with a total GAV of AUD 118.68 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang, Karen Yeung, or Christy Lau if you have any questions regarding the Index.

The gross return report shows a 3-month total gross return of 2.65% for the period between October and December 2025.
 
The gross return report is a supplementary report to the ANREV Australia Core Open End Fund Monthly Index (ACOE) published one month after every quarter showing aggregated gross returns of the 18 ACOE funds.

Please contact Daisy Huang and Christy Lau if you have any questions regarding the Index.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 1.77% in December 2025. The ACOE includes 18 funds with a total GAV of AUD 118.85 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang, Karen Yeung, or Christy Lau if you have any questions regarding the Index.